Price is a major factor in the Vietnamese consumers’ decision to purchase something. This is one of the many insights provided by a book launched last Friday by market researcher TNS Viet Nam.
TNS Pink Pages – Marketing Book delves into the evolution of the country’s social and consumer trends.
It carries vital information about the country, including key facts and statistics that act as a reference and provide an overview on economic trends, changing lifestyles and values, and consumer trends.
It also summarises the insights generated by TNS Viet Nam into several reference markets and changing retail environment.
“Viet Nam is rapidly changing and it is becoming more and more challenging to gain an accurate picture of this fast-moving country,” Fabrice Carrasco, general director of TNS Worldpanel Vietnam and the initiator of this project, said.
“Although currently facing the global economic crisis, Viet Nam still holds huge potential in the coming years and understanding Vietnamese consumers is key to manufacturers and investors alike,” he added.
Comparison shopping
When a Vietnamese consumer has to choose between two products, he or she will select the more affordable one, with around 71 per cent of respondents agreeing with the statement, “I always compare prices before purchasing.”
Quality and durability are also foremost in the minds of consumers and, along with other variables, are purchase triggers.
But things are changing, according to the book. It also sees that Vietnamese are more brand-conscious than ever before and are paying attention to product quality rather than just promotional offers.
In the past, only half the consumers considered quality as a product variable while today, almost all look for a quality label when they buy goods.
Whilst not yet very sophisticated, Vietnamese consumers, especially wealthier urbanites, are clamouring for quality goods even if the cost is higher.
The TNS Viet Nam VietCycle Brand Attitudes Survey shows that 86 per cent of urban people are willing to pay for quality products and with multinational food companies leading the way in several markets, many more Vietnamese are beginning to recognise a brand as a promise or an image they can identify with.
The book costs US$100 and its proceeds would be donated to support the UNICEF Vietnam Provincial Child Fund, TNS said. (VNS)
